Exhibit 11 CALCULATION OF PRIMARY EARNINGS PER SHARE Three Months Ended Nine Months Ended January 31, January 31, -------------------------- --------------------------- 1994 1993 1994 1993 Net earnings (loss) from continuing operations........... $(17,934,000) $ 5,695,000 $(30,350,000) $(10,732,000) ============ ============ ============ ============ Net earnings (loss).... $ 12,556,000 $ 8,583,000 $ 6,183,000 $ (2,535,000) ============ ============ ============ ============ Average number of shares outstanding - primary: Average number of common shares outstanding......... 105,919,000 107,064,000 105,802,000 106,647,000 Dilutive effect of stock options after application of treasury stock method.............. 973,000 383,000 779,000 - ----------- ----------- ----------- ----------- Average number of shares outstanding... 106,892,000 107,447,000 106,581,000 106,647,000 =========== =========== =========== =========== Primary earnings per share: From continuing operations......... ($.17) $.05 $(.28) $(.10) ==== ==== ===== ===== Net earnings (loss).. $.12 $.08 $.06 $(.02) ==== ==== ==== ===== CALCULATION OF FULLY DILUTED EARNINGS PER SHARE Three Months Ended Nine Months Ended January 31, January 31, -------------------------- --------------------------- 1994 1993 1994 1993 Net earnings (loss) from continuing operations........... $(17,934,000) $ 5,695,000 $(30,350,000) $(10,732,000) ============ ============ ============ ============ Net earnings (loss).... $ 12,556,000 $ 8,583,000 $ 6,183,000 $ (2,535,000) ============ ============ ============ ============ Average number of shares outstanding - fully diluted: Shares used in calculating primary earnings per share.. 106,892,000 107,447,000 106,581,000 106,647,000 Additional effect of stock options after application of treasury stock method.............. - - - - ----------- ----------- ----------- ----------- Average number of shares outstanding... 106,892,000 107,447,000 106,581,000 106,647,000 =========== =========== =========== =========== Fully diluted earnings per share: From continuing operations......... ($.17) $.05 $(.28) $(.10) ==== ==== ===== ===== Net earnings (loss).. $.12 $.08 $.06 $(.02) ==== ==== ==== =====